Jay-Z makes reports official: “My job as an owner is over”

Jay-Z is out.

We brought you the report a couple weeks ago that rapper/mogul Jay-Z was selling his sliver of a share of the Brooklyn Nets so he could get into the player agent game. (Jay-Z owns less than one percent of the Nets.)

He seemed to confirm the sale in a song “Open Letter” that dropped a few days after reports surfaced he was selling.

“I would have brought the Nets to Brooklyn for free, except I made millions off of you [expletive] dweebs. I still own the building, I’m still keeping my seats. If you buy that [expletive], you better keep your receipts.”

But in a statement on Lifeandtimes.com, Jay-Z made it official that he is out of the ownership business.

Being a member of the Nets organization surpassed some of my greatest ambitions. It was never about an investment; it was about the NETS and Brooklyn. My job as an owner is over but as a fan it has just begun. I’m a Brooklyn Net forever. It’s been an honor to work with Mikhail Prokhorov, Dmitry Razumov, Christophe Charlier, ONEXIM Sports and Entertainment, Brett Yormark and all the wonderful people involved in making the Nets first class. My sincerest thanks goes to Bruce Ratner, who first introduced the idea of moving the Nets to Brooklyn. A thank you and deepest appreciation goes to the fans. You are the lifeblood of any team.

The Nets have made their mark on the NBA and as they enter a new era, Roc Nation does as well; as we embark on Roc Nation Sports. Our newest endeavor is committed to building the brands of professional athletes as we have done for some of today’s top music artists. For Roc Nation Sports to function at its full potential, NBA rules stipulate that I relinquish my ownership in the Brooklyn Nets. It was a tough decision but as I stated earlier, it’s not about ownership. Congratulations to The Nets on a great season and making the playoffs! I will always be a Brooklyn Net.

Jay-Z had to get out because he wants to get into the player representative/agent business. He helped form to Roc Nation Sports, a partnership with powerhouse Creative Artists Agency where Jay-Z helps provide marketing to players. Robinson Cano of the Yankees is reportedly one of a handful of players already on board.

There are reports Reddit co-founder Alexis Ohanian wants to buy Jay-Z’s small share of the team.